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You want to prepare the balance sheet for Usher, Inc., as of December 31, 2005. Use...

You want to prepare the balance sheet for Usher, Inc., as of December 31, 2005. Use the following information. All information pertains to fiscal 2005 unless otherwise stated.
Retained earnings at December 31, 2004 is $234,000
Sales (all credit sales) are $2.5M
Days to sell inventory is 20
Cash on hand is 1% of sales
All sales are paid 30 days after purchase
Noncurrent assets are $ 1M
Long-term debt to equity ratio is 1
All liabilities, other than long-term debt, are short term liabilities
20,000 shares outstanding issued at $10 in 2004
No dividends are paid
Gross margin is 40%
Net profit margin is 8%
Assume there are 360 days in the year

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ekkarill92 answered 1 year ago
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